Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
Akers Biosciences, Inc. (the "Company") filed two certificates of amendment
(each a "Certificate of Amendment", collectively, the "Certificates of
Amendment") to its Amended and Restated Certificate of Incorporation with the
Secretary of State of the State of New Jersey, each to be effective as of
November 25, 2019, to reduce its authorized common stock at a ratio of
one-for-eight then effect a reverse stock split of its authorized and
outstanding common stock at a ratio of one-for-twenty four. The reduction and
the reverse stock split affected all stockholders uniformly and did not alter
any stockholder's percentage interest in the Company's equity, except to the
extent that the reverse stock split would have resulted in a stockholder owning
a fractional share. Fractional shares have not been issued as a result of the
reverse stock split; instead, the board of directors of the Company determined
to effect an issuance of shares to holders that would otherwise have been
entitled to a fractional share such that any fractional shares were rounded up
to the nearest whole number. The Certificates of Amendment reduced the number of
outstanding shares of the Company's common stock to 521,676 and the number of
shares of common stock the Company is authorized to issue to 2,604,167.
(d) Exhibits.
Exhibit
No. Description
3.1 Certificate of Amendment to the Amended and Restated Certificate of
Incorporation.
3.2 Certificate of Amendment to the Amended and Restated Certificate of
Incorporation.
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